In a statement, IMI said it would pay in cash and 200 million new common shares representing approximately 12% of the company after the transaction.

IMI said the acquisition, which is part of its efforts to bring its services closer to key clients, would be made through its unit, Coöperatief IMI Europe U.A.

"IMI is pursuing this value-enhancing acquisition to expand its customer base and to support its market specialization strategy in the automotive and industrial segments," said IMI president and CEO Arthur Tan.

"As regional manufacturing picks up steam, we are expanding our operations to locations near our global customers in Europe and North America to be of better service to them," he added.